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Molten

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Molten last won the day on September 22

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  1. I think this is very plausible as a wave 2. How do you determine the targets for each wave? Fibonacci?
  2. Excellent post above. To answer your question, there isn't much going on that has changed on the total market cap. We are surprisingly not oversold on the weekly or the monthly. TBH, the charts don't look so hot for total market cap but I'm not sure how to correlate that with individual charts, like XRP's, that generally look pretty good. We broke through a trend line to the bearish side, though I'm frankly not that confident in the validity of that line, so I wouldn't read too much into it. I think there may be too much noise in the market cap chart to make any reasonable conclusions but I included it below.
  3. Well... $hit. That was a fun day in crypto, eh? Sorry I wasn't posting, work duties and all. So, on to the carnage. XRPUSD: The channel has been disrespected unto the point of death, so we aren't looking at that anymore. Damn. I liked that channel. We found support around $0.266 and this is holding so far. This dip set us back about 2 1/2 weeks, so not the end of the world, but certainly not what I was hoping for. XRPBTC: actually looks OK! If you didn't know what happened in USD terms, we'd all be feeling pretty good. Which confirms what @Mpolnet and others have said above... we aren't decoupled in any way from BTC and ODL volume isn't there to support us... yet. XRPBTC is respecting both trend lines, including the more bullish blue line. So far, so good. If BTC can resist tanking any further, we might just make out OK here.
  4. Well, lesson learned (again). XRP is not yet anywhere near independent of BTC, although XRPBTC is holding up well enough.
  5. Meanwhile, if anyone out there is a fan of LTC.... this looks like a falling wedge that is about to break out hard. No financial advice here, but this might be a good time to pick up some LTC (if you are a fan). EDIT: In fact, looking a little closer, we've had a bullish divergence on the MACD and RSI along with this falling wedge. I just convinced myself. Transferred my speculative ETH play into LTC. Let's see what happens.
  6. Everything looks good on XRPBTC, not much to see there. The drama is in the USD pair but you may be correct that XRPBTC is the better indicator of the current state of XRP. I am watching XRPUSD because I am genuinely surprised that we breached the channel to the downside, even if it is because of BTC. Watching to see if can get back in or if this is a setup to a bigger rally, which I frankly was expecting today or very soon.
  7. Possibly but if the buyers are there at these prices, we should see a nice bounce. If not, then it doesn't really matter why, it's not good.
  8. Two scenarios as I see it: 1) This is bad. I don't think that's likely given the overall trend, but if the trend irreversibly breaks down, that would be bad. 2) Wyckoff spring before a big move? Looks very much like it to me. I guess there could be a #3, that the channel never mattered and breaking it doesn't result in any big moves, but I don't think that's likely.
  9. This could be trouble. Watching closely. We have another trendline to watch and if this breaks, I will be unhappy.
  10. It happened! XRPUSD crossed bullish on the weekly MACD. This has been an eventuality for the past few weeks, but nice to finally see. For those that don't remember or didn't see it before, this is significant because there have been very few instances of this in XRP's past and all have led to significant price increases. Past performance doesn't guarantee future behavior but.... this is pretty spot on as a bullish indicator. Now let's see some price appreciation! Waiting...
  11. Organically traded assets aren't usually littered with vertical lines like this. What an absurdly manipulated chart BTC has... smh.
  12. Until it didn't. The bottom of the channel is holding, however, around $0.29. This is what I am looking at going forward. We have two potential ascending triangles: one has the upper support at the candles and one at the wicks ($0.302). I expected better action today after breaking the triangle yesterday, but so far no luck. I think I can say, rather definitively, that we will see some significant price action at the intersection of one or both of these triangles, which would coincide with Friday or Saturday. I think the higher line is probably the more significant of the two, but the lower line has more touches. First things first, we need to respect the channel right now.
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